5 Reasons Why Everyone Needs an Estate Plan, Including You!

       1.   Control What Happens to Your Hard Earned Assets

Failing to create an estate plan places your hard earned assets in the hands of a stranger – meaning the Maryland courts. Not having an estate plan essentially gives the state the power to dispose of your assets pursuant to Maryland’s statutory laws. The state may dispose of your assets in a manner you DO NOT agree with. Therefore, having an estate plan is critical in order to guarantee that your assets are distributed exactly how you want.

An estate plan will give you complete control over the disposition of your assets — everything from who gets the family car to who will be your life insurance beneficiary. Why leave these important decisions in the hands of a stranger when you can decide for yourself?

 

 

       2.   Control Who Will Raise Your Children

Nothing is more important than the lives of our children. It is extremely important that you have an estate plan in place that clearly states who will raise your children in the event that you predecease them. Naming a guardian in your will is the best way to ensure that your children will be cared for by the person of your choosing.

 

 

       3.   Control What Medical Care You Receive Upon Incapacitation

Advanced health care directives (commonly referred to as living wills) are legal instructions that list your preferences for medical treatment and care in the event that you are unable to make decisions for yourself. By drafting a health care directive, you can avoid any unnecessary suffering and relieve your family of the tremendous burden of having to make life and death decisions on your behalf.

 

       4.   Avoid Probate and Ensure Efficiency in Disposition

Probate is the legal process a court takes in order to conclude all of your legal/financial matters and distribute your estate after death. Many people wish to bypass the entire probate process by use of a trust. A trust is a legal entity in which a trustee manages the trust’s assets for the sole benefit of the trust’s beneficiaries. All property titled to the trust will not have to pass through probate and may therefore save time and money.

 

       5.   Find Peace of Mind

Thinking about what will happen to your children and assets after your death is sure to keep you up at night. An experienced estate planning attorney can put your mind at ease and draft the necessary documents to give you complete control over what will happen to your children and assets.

 

 

At the Bald Law Firm, LLC, we pride ourselves on providing comprehensive legal services at an affordable rate. Contact us today for a free consultation!

 

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Bald Law Firm, LLC
192 Duke of Gloucester St.
Annapolis, MD 21401
(410) 267-9300
(410) 269-6477 fax
contactus@baldlawfirm.com

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